Oil Security and the “Oil Weapon” Flashcards

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What is meant by oil security?

Oil security means having a steady, reliable supply of oil at prices a country can afford.

Why is the Gulf region so important for world oil supplies?

The Gulf region holds a very large share of the world’s oil and exports huge amounts to other countries.

What is OPEC?

OPEC is a group of oil-producing countries that work together to control how much oil they sell and at what price.

What is meant by the term the 'oil weapon'?

The 'oil weapon' means using control of oil supplies or prices to put pressure on other countries.

How did Arab oil producers use the 'oil weapon' in 1973?

In 1973, some Arab states cut oil supplies to countries that backed Israel in the Yom Kippur War.

What effect did the 1973 oil crisis have on Western countries?

Oil prices shot up, fuel became short, and Western economies suffered from higher costs and inflation.

Why did oil security make Western powers very interested in the Gulf?

They depended on Gulf oil, so they wanted to protect oil fields, pipelines and sea routes from threats.

Why did Saddam Hussein’s 1990 invasion of Kuwait worry many countries about oil security?

If Iraq controlled Kuwait and threatened Saudi Arabia, Saddam could control a huge share of Gulf oil.

What is the Strait of Hormuz and why is it important for oil?

It is a narrow sea passage at the mouth of the Gulf where many oil tankers must pass, so it is vital for exports.

How could threats to close the Strait of Hormuz act as an 'oil weapon'?

Closing it would block many oil shipments, drive up prices and put pressure on countries that need Gulf oil.

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